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Mobile Loan Apps Set First Loan at Ksh 4,000

Customers will get access to in-app digital borrowing history and repayment behavior which will also be accessed by all DLAP members so as to determine how much to lend to a customer.

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Mobile loan users now have a reason to smile as the initial lending maximum set at Ksh 4,000 with no loan history. This decision is part of the code of conduct signed by lenders under the newly formed Digital Lenders Association of Kenya (DLAK).

The lobby, which currently consists of twelve members, says this move will ensure member firms match customer debt levels with repayment ability so as not to plunge borrowers into over indebtedness.

DLAK was formed as a way to adopt a self-regulatory framework and a set of shared principles to guide members.

Central Bank of Kenya (CBK) Governor Patrick Njoroge had recently raised concerns over the increasing number of mobile loan apps that may be exploiting Kenyans. CBK has also in the recent past put on notice unlicensed and unregulated digital lenders as the government to protect consumers from fraudulent dealers.

Members of the lobby group include Tala, Alternative Circle, Stawika Capital, Zenka Finance, MyCredit,Okolea, Lpesa, Kopacent, Four Kings Investment, Kuwazo Capital and Finance Plan.

Under the groups code of conduct, customers will get access to in-app digital borrowing history and repayment behavior which will also be accessed by all DLAP members so as to determine how much to lend to a customer. Business daily reported.

“Where possible, lenders will attempt to help contactable customers to restructure their debt or otherwise make every reasonable effort to help their customers return to good standing,” reads DLAK’s code of conduct in part.

The digital lending industry have in the recent past been put on spot by the senate who called for its regulation on claims they are saddling borrowers with high-interest rates. The fims were accused of offering mobile loans at rates above the cap provided in law and occasioning heavy borrowing and indebtedness mainly among the low-income groups on easy access to loans. Some of the apps opffer an interest rate equating to 180 percent over a year.

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Companies

551,000 Litres Of Oil Spilt In Kiboko Has Been Recovered, KPC Says

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Kenya Pipeline Company has recovered 551,000 litres of oil from the Kiboko oil spill that occurred on March 30, the company’s acting Managing Director, Hudson Andabi has said.

On the morning of March 30 2019, a section of the 450km Mombasa-Nairobi Pipeline leaked at Kiboko springs in Makueni County, a critical water source. The result of the leakage has since been established as damage to the pipe coating caused by impact, leading to accelerated corrosion activity. The total area that was affected by the spill is 400 meters by 350 meters.

The pipeline resumed its normal operations 15 hours later on March 31st after repairs were done.

Although the company is still on the recovery process for the oil that got spilt during the puncture, Andambi says the company developed a strategy that has so far helped the organization recover some of this oil.

“The products went into the ground and we dug pits, excavated trenches and pumped to lift those products from the ground and transported through the terminal from Kiboko,” said Adambi.

“The process is still going on we will give final figures once the reconciliation process is done as we bring in the final products,” KPC boss added.

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Economy

Kenya’s Inflation Drops To 3.83% As Economic Growth Slows To 5.6% In Q2 2019

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Kenya’s overall year-on-year inflation fell to 3.83% in September, from 5.0% in August, the Kenya National Bureau of Statistics (KNBS) has disclosed.

However, the country’s economy grew by 5.6% in the second quarter of this year, down from expanding 6.4% in the same period a year earlier, the statistics office said on Monday.

In a report emailed from Nairobi on Monday, the national statistics body noted that while a number of sectors posted impressive performances, the overall growth was curtailed mostly by a slowdown in activities of agriculture, manufacturing and transportation.

“Agriculture’s performance, as well as that of electricity and water supply, was mostly hampered by a delay in the onset of the long rains. The transportation industry was negatively impacted on by rise in prices of fuel,”

“On the other hand, accommodation and food services; information and communication; wholesale and retail trade; and construction industries maintained high growths and thereby supported the overall gross domestic product (GDP) growth,” the KNBS said.

According to the statistics bureau, between August and September 2019, food and non-alcoholic drinks index decreased by 0.40 percent due to a drop-in price of some foodstuffs outweighing increases recorded in others.

  “The ‘year on year’ food inflation dropped from 7.13 percent in August 2019 to 6.31 per cent in September 2019,” it said.

In September 2019, prices of carrots, cabbages and tomatoes decreased by 9.80, 6.32 and 4.14 percent, respectively.

The price of sugar registered a 24 per cent drop with a kilogram retailing at Sh106 last month from Sh140 last year. Irish potatoes, kales and onions similarly recorded significant drops in prices with a kilogram of each going down by 15, 18 and eight per cent respectively compared to retail prices recorded over a similar period last year. The Standard newspaper reported on Tuesday.

  Zachary Mwangi, KNBS director general observed that the agricultural sector is estimated to have grown by 4.1 percent compared to 6.5 percent in a similar period last year.

“The slowed growth was mainly attributed to delayed long rains that somewhat curtailed agricultural production. However, performance of the sector was supported by a 17.6 percent increase in the volume of cut flowers from 35,800 metric tons in the second quarter of 2018 to 42,100 metric tons in the review period,” Mwangi said.

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National News

Kenya Defence Forces Set To Receive 6 US-Made Choppers

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The Kenya Defence Forces (KDF) is set to received 6 military choppers from the United States of America by December 2019.

The planes are part of the $253 million arms deal that the Kenyan government signed with USA in May 2017 where the latter was to supply 12 choppers and other arms to help boost military operations. The deal also got the United States Congress approval and the choppers were expected to be delivered to Kenya between April and August 2019. There is no information given as the cause of the delay.

“We are pleased MD Helicopters was selected to provide mentorship, maintenance expertise, and Pilot and Maintainer training to the Kenya Defence Forces,” said Lynn Tilton, MD Helicopters, Inc. Chief Executive Officer. “As the aircraft OEM, no one is better suited to provide the full spectrum of aftermarket operations, training, and support services to our customers.”

In a statement seen by Inversk from MD Helicopters, Inc, the shipment of the 6-aircraft MD 530F Cayuse Warrior fleet will include a U.S. Army-issued AWR.

#MDHelicopters is honored to have been awarded a CLS and Training Contract to support Kenya Defense Forces recent order…

Posted by MD Helicopters, Inc. on Monday, September 16, 2019

The MD 530F helicopters will replace the MD 500 platforms that are flown by the 50th Air Cavalry Battalion of the Kenya Airforce. The new aircraft will constitute the core of the reconnaissance equipment supporting ground forces.

Powered by the Rolls-Royce 250-C30 650shp turbine engine, MD Helicopters also announced that these aircraft will feature an advanced, all-digital glass cockpit, ballistically tolerant crashworthy fuel system, Harris RF-7850A tactical radio, Rockwell Collins HF-9000D, and the full complement of mission equipment that is standard to the Cayuse Warrior.

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